AOFEX Crypto Exchange Aims to Induce Anti-money Laundering Tactics to Protect Users
Digital currencies or cryptocurrencies, as they are better known as, have been one of the most talked-about pedagogies of the financial sphere in recent times. Where the biggest names of the industry showed trust and gambled their wealth in virtual currencies and its development, there have also been instances that earned negative fame for it as well. With the growing concern for customer security, the regulatory bodies all around the globe have come together to frame out strict regulations for crypto exchanges, tokens, and coins.
One such crypto trading platform that is striving hard to build up a network that triggers anti-money laundering practices and ensures complete protection to its users is AOFEX. Situated and operated in London, United Kingdom, the exchange house is one of the most highly-reputed platforms in the country with a strong customer base amounting to more than 100,000 users. It takes pride in being the world’s first-ever virtual currency trading solution with Non-Standardized Option trading. This lucrative feature of AOFEX aids its investors by safeguarding them from critical risks during fluctuations in currency prices.
With a view to enhancing security for the users, AOFEX exchange recently took action and processed quite a substantial number of crypto accounts, which were considered to be involved in money laundering. Interestingly, where other crypto exchanges do not put it a lot of effort to track down the activities of users’ accounts, AOFEX particularly has included anti-money laundering as an important measure in its mission compliance.
While registering on an exchange, it is necessary for the users to first pass through the KYC verification process. This screening process helps to identify some of the money laundering accounts but fails to shut stop such accounts on a 100% basis. It is necessary for the exchange platforms to comply with a rigorous algorithm identification solution to recognize suspicious accounts. Apart from identification, it is also necessary for the exchanges to take strict actions against illicit accounts. AOFEX is quite active in this regard as it tracks down suspicious money laundering accounts on a regular basis and takes quick decisions against them.
Exchange platforms are an important part of the crypto domain, and so it is of utmost importance that these trading platforms obey the regulations designed for their operation. The regulatory watchdog, International Financial Action Task Force on Money Laundering (FATF), has urged all crypto exchanges to join hands with a view to curb money laundering, tax evasion, and terror financing.
In order to comply with the legal measures, AOFEX has strengthened its anti-money laundering tactics, created an anti-money laundering team of dedicated professionals, collaborated with blockchain security expert- Slow Mist Technology. The exchange has drafted out efficient KYC laws specifically for large volume trades. It has also taken strict steps in various crucial fields like asset security, anti-fraud, international anti-money laundering, anti-terrorist financing, etc.
These outstanding features are likely to popularize AOFEX as an unprecedented ruler in the crypto domain along with the status of a crypto exchange that has a strong potential to safeguard the investors from losses.